SBS sees P500M gain after selling property

SBS Philippines Corp. expects to gain over P500 million after associate Cleon Philippines Holdings Corporation (CPHC) sold an investment property.

Listed company SBS Philippines Corp., which owns 37.25% of CPCH, said in a disclosure on Friday that it expects a one-time gain for financial year 2020 after disposal of the property.

SBS is a chemical trader and distributor, offering chemical products to the food, industrial, pharmaceutical, and personal care industries.

SBS in efforts to improve its distribution capabilities in 2018 took over a warehouse facility then owned by Coca-Cola Corp. for P520 million, through its subsidiary Lence Holdings Corporation.

Lence Holdings is 65% owned by SBS, while SBS Holdings and Enterprises Corp. holds 25% and the Sytengco family controls the remaining 10%.

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Cleon Phils. in 2017 acquired a Mandaluyong property for investment purposes.

Shares in SBS went up 35 centavos or 5.65% to P6.55 each on Friday. — Jenina P. Ibanez

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